For many of our grandparents and parents, retirement was a well-earned rest from years of hard work. But nowadays, the desire to remain active and engaged, as well as financial pressures, are encouraging many employees to keep working well beyond traditional retirement age.

In fact, studies show that 80 percent of Baby Boomers—those born between 1946 and 1964—want to continue to work. And since Generation X is half the size of that of the Baby Boomers, not only are people working till later in life; the number of those working past retirement will also continue to grow relative to younger generations.

For employers, this development has two significant consequences:

• They must learn to adapt their workplaces to accommodate (existing) mature workers.
• They need to consider the value of Baby Boomer workers as new hires.

Let’s take a closer look at each.

Adapting the workplace to accommodate mature employees

Companies looking to harness the strengths of mature employees should consider the following points:

• Flexible work options. Data from the 2014 Kelly Global Workforce Index™ (2014 KGWI™) reveals that 58% of Baby Boomers value flexible work arrangements and 49% consider a good work-life balance a deciding factor in job satisfaction. And while the younger generations focus on having an appropriate amount of personal time, many Baby Boomers focus on remaining professionally active, albeit not always full-time. Interestingly, a study by The Sloan Center on Aging and Work at Boston College found that flexible work options may support health and longevity due to higher job satisfaction and better work-life balance. So whether it’s transitioning into full retirement gradually, working part-time or making use of flex work and telecommute options, employers should consider offering work arrangements beyond the traditional 40-hour onsite workweek.
• Development. Many senior employees want to continue to learn new skills and acquire more knowledge—not only to remain employable, but also for their personal development. According to the 2014 KGWI™, 56% of Baby Boomers stated that opportunities to learn were an important aspect of choosing one job over another. For employers, it’s important to note that offering continued education and on-the-job training can help these employees remain relevant and employable. In addition, implementing mentoring programs in which mature employees partner with younger workers to master the most recent technological developments can be beneficial to employees and employers alike.

The value of hiring a Baby Boomer workforce

Due to the relative increase in mature employees, the job market is going to see an increase in these candidates. That’s why it’s essential for employers to understand how not only retaining existing senior employees, but also recruiting a Baby Boomer workforce can add significant value to their organizations:

• Baby Boomer employees are in general very loyal and committed to their employers. Whereas Gen X and Y first and foremost are committed to their work, Baby Boomers share a strong commitment to their employers and are less likely than younger generations to leave for another job.
• Baby Boomers possess a wealth of experience and knowledge. Whether it’s decades of hands-on experience or well-honed leadership skills, mature employees often have solid backgrounds and extensive expertise that employers aren’t always ready to let go of. This is why the Society for Human Resource Management highlights the value of mentorship programs that allow experienced staff to advise and guide younger workers. These types of programs can help keep knowledge within an organization while simultaneously teaching younger workers valuable skills.
• Baby Boomer employees can become contingent workers. Consider this: according to the 2014 KGWI™, 33% of Baby Boomers consider themselves to be specialists in their fields. Instead of employing mature talent full-time, employers can hire them as consultants and bring them in as needed. This allows senior employees to take their retirement packages while still accepting (temporary) consultation positions that allow them to use their expertise when and where they like.

Mature employees are a potent, large and growing talent pool. Employers who recognize their value and know how to accommodate them in the workplace are laying the groundwork to stay connected to a vibrant, productive workforce for years to come. 

Sources: http://www.dol.gov/odep/topics/OlderWorkers.htm; http://iveybusinessjournal.com/topics/the-workplace/accommodating-older-workers-needs-for-flexible-work-options#.U7maZRaG4so; http://workplaceflexibility.bc.edu/need/need_employees; http://www.communityinclusion.org/article.php?article_id=231&type=topic&id=18 2014 Kelly Global Workforce Index™